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ONEOK announced that it received a minority investment of $9 billion from private equity firm Apollo. The Tulsa midstream company also said it has acquired the Permian Basin natural gas assets of private Fort Worth-based Brazos Midstream for $4.4 billion cash. Latham and Akin advised on the deal.
Houston-based global giant SLB has acquired Kelvion, a German thermal management and heat exchange technology company, from Apollo for $3.4 billion cash and about $700 million of debt. Sidley Austin advised Apollo with an international team led from London. Paul Weiss was regulatory counsel to the PE firm.
Jackson Walker advised Maverick Power in its $1.75 billion acquisition by British power products manufacturer nVent. The deal positions nVent to provide key power products for data center power and backup needs. Foley & Lardner advised nVent.
While the summer heat continues to scorch the state, the Texas M&A market has certainly cooled. There wasn’t much activity for the week ended Aug. 29, with nary a capital markets transaction. That left the CDT Roundup with seven M&A and funding transactions with a combined disclosed value just over $3 billion.
Another day, another handful of comings and goings in the energy infrastructure practices of major law firms in Houston. Baker Botts loses one partner to Gibson Dunn but gains another from White & Case. Mayer Brown and Sidley Austin also added partners. All four have corporate transactional practices.
Steve Tyndall has joined A&O Shearman as a partner in the M&A and private equity practice in Austin. Tyndall, who spent the last four years at Morrison Foerster, said that the firm’s international footprint and expanding Texas offices were meaningful in his decision to join A&O Shearman.
The CDT Roundup saw nine deals announced during the week ended Aug. 22, with a combined reported value of about $2.8 billion — the lightest dollar figure since late January. The week prior had 15 deals with a value of nearly $7 billion, and a year ago at this time, the Roundup was reporting 23 deals worth more than $15.2 billion.
The rare week ended without an M&A megadeal.
For the week ended Aug. 15, the CDT Roundup saw 15 deals worth about $11.3 billion. The week prior saw 13 deals with a value of $11.1 billion and for this same week a year ago the Roundup reported 13 deals worth more than $26.4 billion.
The Kirkland & Ellis Texas team did not need long to make its case this week with a Texas Triangle deal blitz stretching from Canada to West Texas. In less than 24 hours, the firm’s public relations team, almost as busy as its deal team, rolled out a rapid-fire run of transactions involving its Austin, Dallas and Houston dealmakers.
Dallas-based Safe Harbor Marinas said on Aug. 10 that it has acquired MarineMax for $53 a share, or about $1.5 billion, in cash. MarineMax, based in Oldsmar, Florida, is a boat and yacht retailer that also provides superyacht services. Sidley Austin provided outside legal counsel to MarineMax, while Simpson Thacher advised Safe Harbor.
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